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The credit card industry had grown at a rapid pace all over the world as well as in India. Between 1987 and 2001, the numbers of cards in India grew to over 4 million with a growth rate of over 25-30%. With the number of customers growing day by day, the domestic credit card business was witnessing a fierce war to win the wallets of the customers. Citibank and Standard Chartered Bank (StanChart) were the leading players in 2004 with 2.7 million and 2 million cards. The private bank - ICICI - a young entrant into the credit card business (2001) and the largest public sector bank, State Bank of India (SBI) were the top Indian players. Within four years of its launch (2000-2004), ICICI Bank had issued around 3 million credit cards. Up until 2004 SBI had issued 1.7 million cards. According to McKinsey, by 2010, 35 million cards would be used by Indians. In this swipe war about numbers, spends, revolving credit, promotions and frauds, it remained to be seen who would dominate the market in the long run. The case describes the history of the credit card industry in India and its development as a mature market. The strategies followed by the global players StanChart and Citibank as well as the Indian players are discussed. It ends with a debate on who would emerge as the leader in the Indian credit card industry.